The Outlook for American Manufacturing in 2020: Three Scenarios
Manufacturing growth across the country has been uneven in '19, and the outlook for '20 is still uncertain. View 3 possible scenarios waiting for us in 2020
As we approach the 2020 presidential election year, the White House is stepping up its efforts to showcase a resurgence in American manufacturing.
This past July, American manufacturers were invited to the White House to showcase their 'made-in-American' products at the third annual 2019 Made in America Product Showcase.
And President Trump has been traveling on the road across the US, touting the administration's progress in attracting new American manufacturing jobs.
In November, Trump met up with Apple CEO Tim Cook in North Austin (not far from Formaspace's own factory headquarters)
The White House has reasons to celebrate, but also has reasons for concern.
After years of US manufacturing growth, some warning signs have appeared on the horizon. A strike against GM in October helped push down manufacturing indexes to levels not seen since the Great Recession.
But it's been an uneven slowdown: manufacturing growth in central Texas remains steady but the upper Midwest is showing greater signs of manufacturing industry weakness.
Unfortunately, one of the key future economic indicators, the PMI (Purchasing Managers Index), has been drifting downward below 50% over the last two quarters, which means we may be skirting with a mild regional recession in manufacturing going into 2020. Manufacturing PMI fell to 47.8% and remained below fifty percent again in November (48.1%).
Manufacturing Outlook For The Year 2020: Three Possible Scenarios
As we enter the highly charged politics of a presidential election year, what can the manufacturing industry expect?
We look at three possible scenarios.
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